Bitcoin Detractor Jamie Dimon Urges US Government To Stockpile Missiles Instead Of BTC

Despite JPMorgan preparing to allow its clients to buy Bitcoin, the bank’s CEO, Jamie Dimon, is still not a fan of the largest crypto by market value. Dimon stated during a May 30 appearance at the Reagan National Economic Forum in California that the United States should prioritize defense logistics over stockpiling Bitcoin. US Should Focus On Essential Resources Like Ammunition and Rare Earths “We shouldn’t be stockpiling Bitcoins,” Jamie Dimon opined, reiterating his long-standing criticism of the foremost cryptocurrency. This comes after President Donald Trump signed an Executive Order in March, mandating the establishment of a national strategic Bitcoin reserve. The Bitcoin Reserve will initially consist of the coins seized by the government in civil and criminal forfeitures. The president also called for a crypto stockpile of other types of assets beyond Bitcoin. But according to the anti-crypto billionaire banker, real-world defense logistics, not crypto assets, should take priority. Specifically, he suggested the US should prioritise “guns, bullets, tanks, planes, drones, and rare earths.” “If there’s a war in the South China Sea, we’ve got missiles for seven days. That’s not something we should be saying with a straight face,” Dimon explained. Dimon’s Bitcoin Bashing History Dimon has long been critical of Bitcoin, asserting at one point that the OG crypto’s “true use case” was for criminals. He also dubbed Bitcoin “a fraud,” and last year described it as a “pet rock,” before declaring he’d “shut it down” if he were the government. But now, likely due to client demands, the bank will allow customers to buy it. He announced earlier this month that JPMorgan clients will soon be able to buy it, though the bank will not custody the asset. At the time, he clarified that he’s still “not a fan” of Bitcoin, mainly because of its use for illegal activities, including sex trafficking and money laundering. He also dismissed the industry’s hype around blockchain technology, claiming it’s less important than it’s made out to be.

Source: ZyCrypto